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The Small Business Administration

O.K., getting a business loan may not be instant gratification, but a little work upfront may speed up the process. The Small Business Administration suggests having complete documentation in order.

Common documentation includes: (take a deep breath) purpose of the loan, history of your business, financial statements for three years (existing businesses), schedule of term debts (existing businesses), aging of accounts receivable and payable (existing businesses), projected opening-day balance sheet (new businesses), lease details, amount of investment in the business by the owner(s), projections of income, expenses and cash flow, signed personal financial statements and personal resume(s).

If you don’t have all of this information, then certainly gather what you do have, and then approach your lender. They should be able to help you put together enough information for a loan application. The SBA also can help with a guarantee of a percentage of the loan, though you still need to find a lender to approve you, and this may help with interest rates and approvals.

Poor Credit Loans

If you don’t think you can obtain business financing through normal means, like banks or savings and loans, you still might find investors that are willing to bet on you! The Bad Credit Blues Blog has an article on Bad Credit Loan Sources - that will practically lend money to everybody.

Update: Bad Credit Small Business Loans from MiniBiz.US! Even if you have blown your credit before, you can still find investors who are willing to give your great idea another chance, even in this tight credit climate.

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